Google Announces Stock Buyback as Earnings Rise

October 22, 2015 8:43 PM

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SAN FRANCISCO — Investors have spent most of the last year pestering Google to give them some of their money back. On Thursday, they got their wish.

In its third-quarter earnings report on Thursday, Google, now called Alphabet, announced that its board of directors had authorized the company to spend $5.1 billion buying back company shares starting this year, a move that should add more life to a stock that has already had a recent surge.